Facebook is launching a new social networking service that would allow the security experts discuss the potential security threats confidentially with several other companies. ThreatExchange, the name of the service, will bring together security experts of the industry on a single platform to detect and mitigate any future cyber threats.

The social networking giant is teaming up with several technology giants in the industry, including Yahoo and other companies, to set up an advanced and technologically secure platform.

Earlier company’s had to trouble themselves about the privacy and secrecy of a confidential vulnerability that can devastating if put in wrong hands. Previously there was no common platform and companies had to rely on their private emails and other sources to share the information.

However, with ThreatExchange coming in existence, corporates need not to worry about the secrecy and confidentiality of the discovered loopholes.

“ThreatExchange is a platform created by Facebook that enables security professionals anywhere to share threat information more easily, learn from each other’s discoveries, and make their own systems safer,” the project’s website says. “We included a set of privacy controls so that participants can help protect any sensitive data by specifying who can see the threat information they contribute.”

“It was natural for us because our core service is a platform for sharing and because we already had a threat analysis framework called ThreatData that we could build upon,” Mark Hammell, manager of the Threat Infrastructure team, wrote in a blog post.

ThreatExchange has been constructed on the existing Facebook platform along with the other APIs for the companies to communicate and submit new threats. The risk data can be freely available for the participating organizations, however, if a corporation chooses to keep it secret or limited to an organization, the visibility can be limited using several options available at the ThreatExchange.